Correlation Analysis Between Prospect Capital and Eaton Vance

This module allows you to analyze existing cross correlation between Prospect Capital Corporation and Eaton Vance Tax Advantaged Divi. You can compare the effects of market volatilities on Prospect Capital and Eaton Vance and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Prospect Capital with a short position of Eaton Vance. See also your portfolio center. Please also check ongoing floating volatility patterns of Prospect Capital and Eaton Vance.
Horizon     30 Days    Login   to change
Symbolsvs
Check Efficiency

Comparative Performance

Prospect Capital  
66

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Prospect Capital Corporation are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, Prospect Capital may actually be approaching a critical reversion point that can send shares even higher in October 2019.
Eaton Vance Tax  
1010

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Eaton Vance Tax Advantaged Divi are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days. In spite of comparatively weak essential indicators, Eaton Vance may actually be approaching a critical reversion point that can send shares even higher in October 2019.

Prospect Capital and Eaton Vance Volatility Contrast

 Predicted Return Density 
      Returns 

Prospect Capital Corp.  vs.  Eaton Vance Tax Advantaged Div

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Prospect Capital is expected to generate 1.1 times less return on investment than Eaton Vance. In addition to that, Prospect Capital is 1.47 times more volatile than Eaton Vance Tax Advantaged Divi. It trades about 0.09 of its total potential returns per unit of risk. Eaton Vance Tax Advantaged Divi is currently generating about 0.15 per unit of volatility. If you would invest  2,287  in Eaton Vance Tax Advantaged Divi on August 16, 2019 and sell it today you would earn a total of  174.00  from holding Eaton Vance Tax Advantaged Divi or generate 7.61% return on investment over 30 days.

Pair Corralation between Prospect Capital and Eaton Vance

0.67
Time Period3 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Prospect Capital and Eaton Vance

Prospect Capital Corp. diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Prospect Capital Corp. and Eaton Vance Tax Advantaged Div in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Eaton Vance Tax and Prospect Capital is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Prospect Capital Corporation are associated (or correlated) with Eaton Vance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eaton Vance Tax has no effect on the direction of Prospect Capital i.e. Prospect Capital and Eaton Vance go up and down completely randomly.
See also your portfolio center. Please also try Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.


 
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